E.ON (EOAN) Q4 2024 earnings summary

Executive summary

• Delivered strong FY 2024 results, achieving the upper end of Adjusted EBITDA guidance at EUR 9 billion and Adjusted Net Income of EUR 2.9 billion, with record CapEx supporting the green energy transition in Europe.

• Accelerated investment strategy, increasing CapEx by EUR 1 billion year-over-year to EUR 7.5 billion, primarily in energy networks.

• Enhanced digitization and automation, with >90% of network components standardized and 2/3 of customer contacts handled digitally.

• Updated 2028 guidance: EBITDA > EUR 11.3 billion, EPS ~EUR 1.30, and up to 5% annual DPS growth, reflecting improved outlook and higher investment.

• Dividend per share increased by 4% to EUR 0.55, with a commitment to consistent dividend growth and long-term shareholder value.

Financial highlights

• FY 2024 adjusted EBITDA: EUR 9.0 billion (up 8% YoY in one source, down 3% YoY in another); adjusted net income: EUR 2.9 billion (down 7% YoY); EPS: EUR 1.09.

• Sales: EUR 80.1 billion (down 14% YoY); CapEx: EUR 7.5 billion (up 16% YoY); economic net debt: EUR 41.1 billion (up 9% YoY).

• Cash conversion rate was 90% in 2024, expected to average 100% from 2024 to 2028.

• Strong balance sheet with a leverage factor of 4.5x, below the 5x target, and BBB/Baa rating maintained.

• EU taxonomy-aligned CapEx: 98% in 2024, >95% targeted through 2028.

Outlook and guidance

• Committed to high single-digit annual growth in underlying adjusted EBITDA and adjusted net income between 2024 and 2028.

• 2025 guidance: adjusted EBITDA EUR 9.6–9.8 billion, adjusted net income EUR 2.85–3.05 billion, EPS EUR 1.09–1.17.

• 2028 targets: EBITDA > EUR 11.3 billion, adjusted net income ~EUR 3.4 billion, EPS ~EUR 1.30, up to 5% annual DPS growth, and >EUR 43 billion total investments (2024–2028).

• CapEx envelope increased to EUR 43 billion through 2028, with potential for further acceleration if regulatory returns are attractive.

• Growth case has significant acceleration potential if network returns improve; investments in German DSOs may need to rise >50% to meet net zero targets.